Everybody seems to be surprised by Friday’s jobs report. Of course, my subscribers at DailyJobsUpdate.com are not counted amongst the flummoxed because the withholding-tax data never blinked during the “double dip” gloom of August.
Ironically, the 67,000 jobs created by the private sector were actually below the average for 2010, which currently stands at 87,000:
One thing that could have surprised the uninformed was that June and July’s private-sector numbers were revised upward. July’s revision from 71,000 to 107,000 may have raised some double-dipper eyebrows as it moved into triple-digits.
But all in all, there was no jobs miracle; just the same theme that is now in its fifth month: modest private-sector growth and the Census Bureau wind-down.
Matt, not flummoxed, just pointing out that we are falling further and further behind on creating jobs privately JUST TO STAY EVEN with the Americans entering the workforce (estimated at over 100,000 per month). Either the government hires them or they give up looking for a job. Neither of which is a good thing IMHO.
You are the expert in this department, but WHERE (which sectors of the economy) did all the private hires in March and April come from? Without those “outliers,” it sure looks like 50k-60k is the “normal” per month hiring, or HALF of what is needed to keep up.
Also, how about a longer term monthly chart from Jan 2009 until Aug 2010? I’d like to see that for more perspective. Thanks.
Love the blog, and the exchange of ideas. Thanks for letting me contribute.